Rupee ends flat at 69.81 against US dollaXr

The rupee today erased all its early strong gains and eventually ended just a paisa higher at 69.81 against the US dollar due to fag-end demand for the greenback from importers amid lacklustre local equities.Despite a firm start, the domestic currency showed signs of fatigue and succumbed to renewed dollar pressure even as market participants stayed away from taking fresh positions ahead of a trading holiday.The release of the latest FOMC meeting minutes and the key speech by the Fed Chair Jerome Powell at the central bank symposium in Jackson Hole also largely weighed on the forex front.The Indian unit built on overnight positive momentum, climbed to an intra-day high of 69.53 before cooling off.A broad-based US dollar sell-offs predominantly helped the rupee to stay afloat for the second-day after rebounding from its life-time low.It has gained a solid 33 paise against the dollar yesterday.Enjoying a strong recovery momentum, the rupee resumed higher at 69.69 from Monday’s close of 69.82 at the inter-bank foreign exchange (forex) market.Taking fresh directional impetus, the local unit touched a session’s high of 69.53 before retreating sharply to hit a low of 69.92 in late afternoon deals.However, overcoming the market volatility, it managed to settle with positive bias at 69.81, showing a mere one paisa gain.The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 69.66 and for the euro at 80.24. The 10-year benchmark bond yield also eased to 7.83 per cent.The forex and money market will be closed tomorrow on account of the Bakr Id (Id-ul-Zuha).On the global energy front, oil prices bounced back as the prospect of price support from US sanctions on Iran offset concerns about the outlook for demand, particularly in light of the trade dispute between Washington and Beijing.